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PayPal halts certain payment transactions in India

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RippeR said:
so is there any way to get money out of PP to India..?
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Ripper good to see u online. Mate just wait for some weeks (upto 1 month). PP will start the redeeming of PP money to bank acs again. PP has to register as company in INDIA for doing so & the process is going on.
 
This is seriosuly horrible. I have seen so many people lose their money and many payments being held up as well. Paypal Indian users are pretty much pissed of at all this. Hope the matter gets resolved at the earliest.
 
well i think it is solved now but you can't send/withdraw money for personal use now it is only for the export thingy and if you want to withdraw then you need an export code type of thing

idk but i got a mail from PP few days ago

can't wait to withdraw it for personal use cause i really want tht money in my bank
 
^^ LoL!....LMAO. Man! how can you comment like that if you don't know anything about the issue!

Paypal didn't caused this trouble intentionally, its RBI (Reserve Bank of India). RBI asked paypal to submit the legal documents to continue its services according to new laws that RBI made.
 
Anyways RBI just gave a big kin so kick to PayPal Indian Users

I saw the paypal blogs lots of formalities to go through
 
Crucify said:
when one country keeps abusing a system so much, this is bound to happen.

good move by paypal honestly.
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they are trying their best to fix the issues and they will fix it .
they wont dare to stop/hold transactions to India, as India also plays a crucial role in global economy !
 
i got a mail from paypal

PayPal

Dear Sahil ,

We have been diligently working with the RBI and our business
partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods
or services in the global marketplace.

Today, we are happy to announce that the RBI has allowed us
to continue local bank withdrawals for settlements for exports
of goods and services. We are currently making changes to
comply with Indian regulations for settlements for exports of
goods and services, and we anticipate that, as of Wednesday,
March 3rd, customers will be able to use our
bank withdrawal service.

As part of the changes, you will be required to fill out a
new field entitled 'Export Code' when you request a withdrawal.
This information is required under the current laws of India in
order to identify the nature of cross-border merchant transactions.

On Monday, March 1st, we will be back in touch with specific
instructions on how you can move your money into your bank account.

Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal remittances to India, which we
currently do not have. Until we get these approvals, personal
payments into India will remain suspended. However, if you are
an exporter, you will continue to be able to use the PayPal
service for payments of goods and services. In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India. With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

We thank you for your business and for your patience during
the past few weeks.

Sincerely,

PayPal
 
gsk6u said:
^^ LoL!....LMAO. Man! how can you comment like that if you don't know anything about the issue!

Paypal didn't caused this trouble intentionally, its RBI (Reserve Bank of India). RBI asked paypal to submit the legal documents to continue its services according to new laws that RBI made.
Click to expand...

This whole new law was made to discourage or stop money laundering through paypal mostly, so don't say Indians users aren't part of the problem. 8-)
 
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